DiamondRock Hospitality Co. has entered into a purchase and sale agreement to acquire The Westin Beach Resort & Spa, Fort Lauderdale in Florida for US$149 million. The transaction is expected to close in December.
The Fort Lauderdale Westin has 432 guestrooms, 32,000 square feet (2,973 square meters) of meeting space, a spa and an outdoor swimming pool. The hotel’s purchase price is said to reflect a 12.0 to 12.5 multiple on DiamondRock’s projected 2015 hotel earnings before interest, taxes, depreciation and amortization.
“The Westin Beach Resort & Spa, Fort Lauderdale represents a rare opportunity to acquire prime beachfront property in southern Florida, a high-RevPAR, high-growth market,” said Mark Brugger, president and CEO of DiamondRock. “There is opportunity to implement our rigorous asset-management initiatives to drive further upside and additional synergies at the hotel following acquisition.”